In his Emergency Covid Budget, the Chancellor of the Exchequer, Rishi Sunak, announced a new scheme to support people to make their homes more energy-efficient and to boost the ailing construction industry in one fell swoop: the Green Homes Grant.
Under the scheme, which launched at the start of October, a typical homeowner in England* can access a grant of up to £5,000 towards the cost of a specified list of energy efficiency improvements to their home including the installation of double glazed windows, new cavity wall insulation or the installation of new low carbon energy sources like solar panels.
Investments such as these will pay for themselves in time with the Treasury estimating that some or a combination of these measures might save a typical household as much as £600 per year in energy bills through lower heating costs, while helping to save the planet as well. What’s not to like?
Well, here at The Co-op Credit Union, we understand that not everyone has a spare £5,000 sitting around to top up the Government grant with the remaining balance required to get the work done. Only those qualifying as low income – defined as those in receipt of a list of state benefits, including Universal Credit and Job Seekers’ Allowance – can access support of 100% of the improvement costs to a maximum value of £10,000.
But never fear – the credit union is here!
If you’re keen to take up the Green Home Grant opportunity and start benefitting from those lower bills then we at the credit union are ready to support you with a loan to support the cost of any work you’re having done.
We offer competitively priced loans up to £15,000 and anyone can apply provided they are eligible to join the credit union. With an application for a loan linked to the Green Homes Grant, we will take into account the expected annual savings on your bills when considering the affordability of your application.
Get in touch today to find out how we might help.
Full details of eligibility for the Green Homes Grant can be found on the Gov.uk website here
* While the Green Homes Grant is only available in England, there are alternative sources of help available for energy-saving home improvements in Scotland, Wales and Northern Ireland, see details on the Energy Savings Trust website here We invite any members considering a loan for green home improvements to get in touch to see how we could help.
